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it into the euro called this the confirmation of the european peace project. >> chancellor angela merkel said that it was a wonderful decision and she held the euro as more than just the current. >> she cautioned against complacency. >> we should not forget that we should continue to renew our efforts for peace, democracy, and freedom. >> it also serves as a reminder. >> norway doesn't belong to the eu and it shows how important the currency and the union are. that's interesting because non- the members are more appreciative of the importance of the euro and the eu. we should do more if we are not to squander your's -- europe's opportunities. >> many say the award was well- deserved. >> they're committed to peace. the help promote globalization. >> this gives them the feeling that we are all in this together. >> for more on their reaction from berlin, i'm joined by our political correspondent. it was meant as an encouraging political signal and it was taken as such year in berlin. >> indeed. just give you a few of the comments, chancellor merkel has said this recognizes the achievement and it
million euros on the table very early on and also help with technical assistance. chancellor merkel today also assured the turkish prime minister that if the crisis continues, germany will put more money on the table and more technical assistance will be offered, but -- so i think he was basically happy with that. >> merkel has always opposed a tricky's exception into the eu -- turkey's acceptance into the you. >> addition a stance that turkey is part of accessing talks. she supports the process. she insisted today, against what he was suggesting, that perhaps the eu was not being quite fair with turkey. she insisted that turkey -- that the eu is being fair to turkey. there are serious hurdles to turkey becoming a full member of the eu that go way beyond any pragmatic considerations of the euro crisis. the first one is that the monitors of the eu have just released their latest report just three weeks ago on turkey's progress or lack of progress in fulfilling the democratic requirements of the eu, and it is a devastating judgment, frankly. it particularly draws attention to the fact that
but with emergency staff only. in return, they would provide greece with more than 31 billion euros in aid. european leaders saw the scenes play out as they kicked off a summit in brussels. ramin, we've seen some frustration on the streets of athens. what else are the leaders grappling with? >> they are zeroing in on budget issues and how to supervise these banks because these oppressing issues for the euro zone leaders and for the market. you're looking at the whole procedure. european leaders opening a two-day summit in brussels on thursday. they're discussing ways to contain the ongoing european debt crisis. the leaders of the 27 nation european union are aiming to agree on the introduction of a banking union which will oversee commercial banks. the leaders will try to agree on providing all necessary measures by the end of this year to create the banking union. an integrated system for banking supervision would end a cycle of poor bank management and national budget problems. the introduction of a euro zone budget and closer oversight of eu members have been put forward as possible longer term s
the trick. and shares are suspended in madrid of banco after they say they will raise $2.5 billion euros in capital to avoid state bailout. >>> welcome to today's program. i'll wave that and come back to it. eurozone final manufacturing pmi, 46.1, the flash was 46.45.1 in august. september 45.9. flash 45.5. so manufacturing worse performance in three months since the depths of the great recession, factories hit by falling demand despite cutting prices. so they did help lift the services now also taking root in core members germany and france. a slight rebound from the flash number a couple weeks ago. meanwhile manufacturing factory activity in china has also contracted. that's improved just slightly from august. joining us with his thoughts on this, greg smith, managing director. thanks very much indeed if coming in. when you combine china pmi, eurozone pmi, not -- has this now all baked in the cake or what wins out, i suppose, central bank policy action or this economic data? >> still very much polarized. china, the debate rages. depending on your view there puts you in the camp of whet
, but the german government denied that an agreement was made and insisted that euro group finance ministers would first have to examine a report by the troika's debt inspectors. >> the europe group will look of the proposals when they are presented. and not before or amid speculative reports that have been made up or contrived. we do not even have a date for that meeting, so there is nothing new. >> the social democrats chancellor candidate believes there is no alternative to keep increase in the eurozone. germany willhave to provide funding to ensure a stable europe. >> i expect greece will be granted a time extension, but that means other countries will have to provide additional loan guarantees. this has to be addressed by the german bundestag and my impression is some members of the coalition wanted to avoid that. >> it is estimated that an extension would cost at least 20 billion euros. >> we spoke earlier to our brussels correspondent and asked her about the confusion surrounding greece's new budget deal, or is it no deal? >> it has been a day of rumors and denials. the european commission
cost the bank more than 36 billion euros. they are hoping cutting 10,000 jobs and their investment business will help them return to profitability. >> the majority of the layoffs are from the investment division. but it is not just the people involved in investing. people in related divisions will be affected as well. we also need to focus on becoming more efficient. 2500 jobs will be cut in switzerland. >> after the swiss bank's investment branch lost 1.7 billion euros in the third quarter of last year, it racked up 2.4 billion euros in losses in the same quarter this year. the investment branch of german deutsche bank was able to post modest gains in the same time frame last year of 70 million. this year, their profits climbed higher to 660 million euros, but deutsche bank is also turning to layoffs to save money. they will hand out 2000 pink slips by year's end, but they are holding onto their investment banking division for the time being. >> the job cutting at ubs did not seem to worry investors. time for the markets now, and our correspondent sent us this report from the fran
further weakness. >> the euro trades lower as draghi speaks in brussels. the ecb president announces proposals to deal with risks from the banking sector. >> plans to make further proposals for macro policy particularly on vulnerabilities linked to bank funding. >> angela merkel faces a tough reception in greece as protesters take to the streets. >>> and alcoa kicks off what could be subdued u.s. earnings season. third quarter results of the s&p 500 are expected to drop overall snapping 11 quarters of gains. >>> okay. good to have you back. >> good to be back. you were out, i was out, it was -- >> and i was a little worried about what you were up to, so i do admit, i had you followed. and my man, he sent me back this photograph. >> oh, no. >> that is you with the goggles, right? >> yes, that's me with the goggles. >> what's going on? >> that's my sister at the end there. so i was back at my alma mater in virginia for my college reunion. part of that was -- >> to dress up and pretend you played lacrosse. why are you the only one with goggles? >> that's actually a relatively new additi
. there has been criticism of the uci for accepting $100,000 in donations -- 100,000 euros in donations from armstrong. armstrong is defined. -- defiant. >> but ask me how are you doing. i've said, i've been better, but i've also been worse. among last week, he stepped down as chairman of his -- >> last week, he stepped down as chairman of his foundation. >> further violence in lebanon has increased fears among the international community that the war in syria could spread into neighboring countries. >> at least seven people were killed and dozens were wounded in gun battles in the country -- in the capital. opponents of bashar al-assad traded fire. there heightened fears that the civil war, with its sectarian dimensions, could lead to a wider conflict in lebanon. for more on this, we go live to our correspondent in beirut. there are reports of clashes in tripoli. what is the situation like where you are? >> it has been a long time since we have seen tanks roll into the center of beirut. it is quite tense. we do not know whether lebanon will slide into anarchy, as you suggest in the intro. t
euros. beyond that, the exact amount can remain a secret. transparency international wants that to change. >> we want transparency with outside income down to the last cent. deputies need to publish everything so we can see where the money comes from. >> parties in parliament are considering a comprehensive overhaul of the rules. one social democrat deputy could serve as an example. he publishes his tax returns on the internet. >> is this a big deal or just a storm in a teacup? our chief political correspondent joins us now. thanks for joining us. there is no suggestion whatsoever that steinbruck has done anything wrong or broken any rules. what is the fuss about? then a two things, really. there is a legitimate concern about influence and susceptible -- susceptibility to lobbying, which goes back to the fact that many of these clients with which he worked were banks and financial institutions. steinbruck has said it becomes chancellor he wants to regulate banks more closely. some people are asking the quite legitimate question -- how freely could he do so if some of them a
-year-old member britain is already threatening to veto the you -- non-euro member britain is already threatening to veto the you -- the eu. >> as for the banking supervisor, the european council president says it will be implemented sometime in 2013. the date is important because only then can the eurozone rescue fund start recapitalizing struggling eurozone banks directly. >> let's get a check on how stocks reacted to the banking deal out of europe. our correspondent has more from frankfurt. >> traders on the frankfurt floor do very much work under a common european supervisor and have supported the idea from the beginning because european banks are strongly in tangled, but bank shares have been heavily under pressure due to a very pessimistic verdict from u.s. ratings agency moody's, which expects hard times for german banks and warns they are not as crisis-resistant as institutes in other countries. it put pressure on the dax, but the german dax was also under pressure after a very successful week due to very disappointing results from the u.s. >> let's get a closer number at that -- a closer
to ramin at the tokyo stock exchange. ramin, earnings season is taking a center stage. we also saw the euro weaken on concerns about spain. >> yes, indeed. earnings in the u.s. certainly came into play beating down overall sentiment, and also we did see the euro coming into play as well. it weakened against the yen as well as the dollar, and i followed down grade of five of spain's economic regions by u.s. rating agency moody's and that also caused a bf a jump in spain's government bond yields, so that was a major effect there. let's have a look at the opening levels for this wednesday, october 24th. the nikkei and the topix trading down, the nikkei down by 1%, 8925, and topix at 743. the nikkei did end yesterday slightly higher, extended gains to seven days, doesn't look like it will do that today. i must add yesterday the last couple of days has been on lower than average volume. we'll see how it plays out today. basically what are investors waiting for? the answer may very welcome from the bankf japaneeti due out next week due to convene next week and investors seem to be expecting japan
the euro zone. we had weekly jobless claims numbers which showed rising only slightly. that was taken as a bit of a positive. let's have a look at how that is translating into the opening levels for this friday for the nikkei and the topix. both a trading high. the u.s. is going to release its main jobs numbers later today, friday. china markets have been mostly closed this week. they're going to reopen on monday which is a public holiday here in japan. we'll get the effect on tuesday here. with the euro gaining over the last couple of days, investors may be flocking to key exporters. we did see a bit of that yesterday playing into the market. we'll sfee thee in that continu today. les look at the currency levels. dollar/yen at 78.48. have a look at the euro/yen 102.19. 19 to 24. the euro maintaining strength. >> you talked about stocks and currency. let's talk about commodities. >> quite a move in oil. we saw the crude oil prices on thursday popping higher by about 4%. that's concerns about turkish oil pipeline constructions as violence in syria pours over into turkey. a bit of conce
to the economic slow down. delegates at the meetings have spent a lot of time analyzing the situation in the euro zone. they'll have more numbers to go over today. unemployment in greece has worsened. one out of every four working age people are jobless and they are growing satisfied with their government's plan to increase taxes and cut social spending. the jobless rate was 25.1% in july. that's up 0.3 percentage points from the previous months. people between the ages of 15 and 24 are facing the toughest situation. their unemployment rate hit 54.2%. that means one in two is out of work. government leaders are negotiating with the eu and other organizations so they can receive more bailout funds as soon as possible. >>> executives at a maj janese company appears to be dialing up a deal that will give them presence in the united states. softbank is considering acquiring sprint nextel. sprint nextel has more than 56 million subscribers. negotiations are to acquire more than two-thirds of the company's shares. it's expected to reach 2.8 billn. both firmsre providers for apple's iphone and they both
profits abroad as domestic demand wanes. just over $16.5 billion euros from corporate tax from the almost $45 billion collected in 2007. let's get out to julia in madrid. this was always going to be one of the challenges for the rajoy government to keep a handle on revenues as it tries to cut spending and increase taxes. >> reporter: absolutely. yes, he's announced the billions worth of austerity measures, but to some degree has tried to protect businesses. he understands the issue and the importance of the tax receipts. we're talking about an economy with a 25% unemployment rate, above 50% for young people. it's not easy for these businesses. you only have to look at the pmi readings that we've had this week, look back to the manufacturing one. it seems to be bouncing along the bottom within the details of that company. still cutting jobs. it continues the pressure on prime minister rajoy to say he needs help here. of course, he announced last night that there wasn't going to be an imminent bailout. we're back watching the markets. he threw the gauntlet down a couple weeks ago suggests t
, it has given 120 million euros to the government, which it considers a key ally for steep -- for stability in the region. >> we turn to the u.s. it is around one to mitt romney in the first president a candidate debate -- it is round one to mitt romney in the first presidential candidate debate. >> it was not a game changer that the republican challenger was looking for. >> president obama was quick out of the starting blocks, criticizing romney on education, taxes, and his budget plans. >> he is saying that he is going to pay for it by closing loopholes and deductions. the problem is that he has been asked over a hundred times how you would close those deductions and loopholes and he has not been able to identify -- >> the economy took center stage for most of the evening. romney accused obama of a lack of focus in his priorities. >> i do not know how the president could come into office facing 23 million people out of work, rising unemployment, and spend his energy and passion, for two years, fighting for obama care, instead of fighting for jobs for the american people.
.5 billion euros, and it would have overtaken their american competitors -- lockheed martin and boeing. bae systems has a strong presence in the american market, whereas eads has never been as successful. for that reason, this could have been a missed opporunity. >> i would like to draw in our political correspondent. simon, there was suggestion the deal collapsed because of german objections. what was it the germans were not happy about? >> it seems that germany, like france, was unwilling to give up state influence over this important defense company, which is what bae systems wanted them to do in order to secure more access to that all-important american defense market. i think germany was also worried it might be left out of important developments in military technology. the german authorities think that germany's interests are best served if this franco- german company retains control of the whole chain from research through to production. there's also a report that germans had suggested moving the headquarters of the merged company to munich, which would have annoyed the other two com
euros in loans, they could be forced out of the euro. damage germany's leading economic institutes have published their biannual report. not surprising that the euro- crisis is one of the main focus points. the think tank's say greece will not be able to free itself of its massive debt burden unless its creditors take another hair cut. the institute ones -- the institutes warned the crisis is also slowing german growth. they say it will only reach 0.8% for the current year, down from the 2% growth they were predicting for 2012 in their spring report. >> from greece to spain, the ratings agency standard and poor's has lowered spans credit rating it a real notches. it is now just above junk status. >> there is increasing risk to spain posted public finances as well as growing tension between federal and regional governments -- increasing risk to spain's public finances. >> another blow for the eurozone's fourth largest economy. spain's credit rating has slumped to bbb-, one notch above junk status. the outlook remains negative. stated and poor's cited the lingering recession and high unem
agrees to stay in the euro -- they want greece to stay in the euro. social democrats have generally supported chancellor merkel's course during the crisis, but this was the first chance for steinbrueck, since he was named as the candidate to replace chancellor merkel next year, to really attack her in parliament, and he did that, saying she concentrated too much on the idea of profligate spending by governments, that her analysis had been to one-sided, and as a result, she had left germany isolated and in some quarters despise -- that her analysis had been too one-sided. chancellor merkel says austerities the answer to dealing with this crisis. >> she has been going to battle, for example, for germany's popular savings and loans, those small banks in various german states and regions. why is that? >> the government does not want all of these state-supported local savings banks to be included under the proposed european banking supervisor, at least not immediately. the talk today was about getting a system that is effective. in this process, they say quality is more important than sp
to claim up to 600 euros in such cases. several airlines challenged that ruling and refused to pay claims and could now face hefty compensation bills. >> german automaker bmw says it plans to invest 200 million euros in a new factory in brazil. >> the company wants a stronger presence in the fast-growing latin-american market. the factory will be located in the south of brazil and is expected to start production in 2014 and make around 30,000 vehicles per year. the facility promises to create valuable new jobs in the region, but the brazilian government still has to approve the plan. >> the european commission has given its backing to a financial transactions tax proposed by 10 nations, including germany and france. >> the new tax is aimed at generating billions in new revenue by imposing a tiny feet on the trading of stocks and bonds. 10 countries decided to go ahead with the plan on their own after britain and sweden blocked calls for a new tax. london in particular fear of losses for its finance industry. the spanish prime minister has softened his stance on fiscal policy, saying there
fined 10 million euros and then form -- from holding public office for 10 years. the head of the media said television empire was accused of running a complex tax evasion system in the 1990's. prosecutors said berlusconi was part of a scheme to purchase broadcast rights to film through offshore companies and then inflate the cost to reduce taxes owed. the former prime minister will remain free until italy's appeal system is exhausted, a process that could be quite lengthy. >> for more on this case, we will tend to john hooper in rome. berlusconi was sentenced to four years but apparently will only serve one year if at all. how likely is it he will serve any time? >> very unlikely indeed. the italian judicial system is one in which trials take a long time, and there are also very generous statutes of limitation that time out cases often before they have completed the process, which involved two appeals. so there is a long way to run. it is almost certain that sometime late 2013, early 2014, the guillotine will fall, and mr. berlusconi will not have to worry anymore about going to prison
to 300 million euros a year and extortion and prostitution were involved. >> this crackdown was swift and unannounced. as this police video shows, suspects were rounded up without ceremony. businesses across the country and 6 million euros in cash and items of jewelry and pieces of artt. >> people who witnessed the raids were shocked. >> this woman said she'd seen policemen knocking down walls to enter premises and make arrests. >> more footage without sound shows a business being raided and the safe broken open. it followed a two-year investigation. suspects have been rounded up. with so much money at stake the chinese have sent a clear signal to bring all those involved to justice. james kell yes, "bbc news." >> the australian prime minister took a tumble. julian gillard was on her final day when she slipped and lost her shoe. the visit is aimed at boosting ties between the two countries. she joked abou wearing heels. >> i'm fine. for men who get to wear flat shoes all day, every day, if you wear a heel, it can get embedded in soft grass and then when you pull your foot out, the sho
countries in the euro zone, each one with its own parliament and politics. the process of making decisions has been very difficult. the problem, a very simple way of looking at the problem is that the 17 countries of the euro zone have single monetary policy. the european central bank and euro -- they have 17 different fiscal policies. they are not able to support each other during a period of recession which they are currently in. what is needed is some ongoing structural reforms that will, first of all, improve their cooperation and coordination on fiscal policy and they are trying to do that. the second very useful step would be what they are calling banking union which is making bank supervision, oversight, capitalization, responsibilities of europe as a whole and not of each individual country. in order to get to that point, they have to keep stability in the market and the ecb has done some very constructive things in terms of its financing operations, more recent proposals to try to keep market stable, you know, for at least a period of time. the ecb actions as useful as they are wi
from falling too much. we did see exporters hold their ground add the and the euro were stronger against the yen. in fact, let's go straight to the currency levels as well. they're playing a big part in stock moves here in japan. the yen there 79.96 to 80. we've touched the 80 yen level. that compares so lower 79 yen levels on last friday. that is maintaining its strength against the yen. euro/yen coming up. 104.45 to 47. that compares to the upper 103 yen levels this time yesterday. investors see more positive that the euro zone debt issues are being addressed. currency markets there could have a say in stocks. it's going to be on apple's earnings out thursday. they might be coming out with gn a new version of its tablet. many japanese companies make components for apple will likely move on the news from apple throughout there week. >> as we just mentioned the focus is on the bank of japan's policy meeting next week. what are market players anticipating? >> reporter: a lot of focus on the bank of japan. what it's going to do. it lowered its assessments. many believe the central
it or will they not? however, that has given the euro a bit of a boost and that's of course given a bit of a boost fove sensitive japanese stocks. let's have a look at some of the currency levels as well as we kick off the tokyo stock trading session. currency moves of course making a big play for stocks. on top of the screen there $78.21-22 yen and the euro enalmost 101 so the euro getting a bit of a boost there and we should see japanese exporters getting a bit of a boost there. 100.98 to 101 on the offer side euro/yen. >> seems we're seeing strong sales figures for japanese auto makers in the u.s. as well. >> exactly. beginning of every month we get auto sales figures and the likes of toyota was up 42%, honda up 31%. nissan lagged a little bit, but its trucks and suvs, the sales up 12%. trucks and suvs pretty popular in the u.s. interesting point also for japanese auto makers, the u.s. counterpart sales figures were largely unchanged for the same period, so quite a boost there for japanese auto makers. we'll watch all the price action for those auto makers as well as other sectors. for now the
teenagers. these are attracted by the money. a lookout earns 100 euros a day. a street dealer gets between 3000 and 5000 euros a month. if they rise in the hierarchy, it could mean tens of thousands of income. very few are willing to say anything on camera. >> i was not so good it's cool, but thankfully, i got into dealing. it works like a business. we each have our place in the pecking order. we earn more than a bricklayer who gets up early and ends the day with a backache. we get up at 10:00, sit around here until evening. of course, the job is dangerous, but that is life. >> they are risking their lives. and number of them have fallen into the clutches of rival dealers. many become the victims of vendettas. >> here they pay tribute to thos who have died at t end of a gun. >> marseille is known as a mafia stronghold. it used to be a few rigidly organized family krantz -- family clans that control the drug trade. nowadays, hundreds in the business. it is an opportunity to get rich quick. in the northern districts, half of all young people are jobless. nearly 1/3 of families live under the
amount -- 30 million euros for bilateral projects -- and no more time to get these reforms pushed through. >> is there a danger that these protests in athens could dampen the german public's appetite for these bailouts? >> the bailouts in general are not very popular in germany as it is. i do not think there's any likelihood that protests will change attitudes here. authorities think that greeks have a lot more to do. they are a lot less confident than chancellor merkel says she is, but they think the bailouts will achieve their results. many germans believe that greece will ultimately have to leave the euro. they are also a little puzzled, i think, that greeks do not seem as grateful as many germans believe they ought to be about germany's financial contributions to back up greece. they feel that money is being wasted and ordinary greeks seem to be ungrateful to boot.% >> thanks very much for that. -- and grateful to -- the economy is shrinking at a rapid rate of 6.5%, so how are company's managing to keep their head above water at all? here is one example. and he urgently needs new fore
the euro. it was also a record date. the index of germany's mid-size companies reached the highest level since its creation in the year 1994. >> let's get a closer look at market numbers for you. we say in frankfurt where germany's blue-chip stocks higher on the day. it was a similar story for the euro stoxx 50. in new york, trading is still under way for the dow jones industrial average. it is fractionally lower. the euro trading for $1.3134, near a one-month high on wednesday. >> germany's political parties have agreed on a framework for new electoral laws. the kind -- the country deal is expected to be hammered out in coming weeks. the country's highest court ruled that existing laws are unconstitutional because they disadvantage smaller parties. the new legislation aims to make the german parliament a better reflection of the national vote, but some say it could also result in substantially more seats in the bundestag. soccer fans in germany still searching for answers a day after sweden roared back from a 4-0 deficit in their world cup qualifier against germany. the game was played
this evening for more crucial talks on the euro zone debt crisis. if you have a sense of deja vu, you are not alone. it is the fourth time they have met the share. they're trying to bridge differences over plans for a banking union and new rules over banking supervision. our europe editor is that the bureau sent tonight. >> it may look familiar and today is. this is the 22nd summit since the start of the euro zone crisis. leaders are still struggling to agree and to find a solution. there is a german division, which involves giving brussels of veto over national budgets. so far, it has few takers. >> this will not be -- we must lay the groundwork and we will have a lot to do. >> stepped forward the french president. he was dismissive. he said the german idea was not even on the summit's agenda. >> we need a banking union and that means supervision of the banks by a central authority. we need to avoid any more of the types of crisis which have brutalized the euro zone. >> this plan would enable struggling banks in places like spain to directly tap the bailout fund. the encounters betwe
.2 billion euros this year. >> let's take a look at thursday's market numbers. after a promising start to the day, it fizzled out during the course of trading. in frankfurt, the dax finished the session pretty much flat. the euro stocks 50 down into negative territory before the closing bell -- the euro stoxx 50. across the atlantic, the dow jones trading also pretty much flat. the euro trading at a value of $1.2944. britain has emerged from its double-dip recession. gdp grew by a surprising 1% between july and of timber, but the effect may be temporary. >> it was the strongest quarter in five years, but the olympic games and the queen's diamond jubilee are actually being credited with the boost in the economy. figures far exceeded analysts' expectations. well, did a german political party try to silence the media? allegations have emerged that members of chancellor merkel's governing coalition tried to suppress a television report about their main political rival. the broadcaster in question says it was a clear attempt to influence reporting, and it has already led to a key resignatio
billion euros to do it. and they want to see how their nuclear stations would cope during extreme emergencies. >> authorities near arizona expect drug smugglers ambushed agents responding to a trip. and hamas has been accused of abuse in its criminal justice system. they say criminals are regularly subject to beatings and the electric chair. hamas have denied this widespread abuse as it's being described by human rights. more from the bbc's john in gaza city. it's a pretty long list of atrocities and failings, isn't it? >> some pretty strong language, david from human rights watch saying the criminal justice system in gaza wreaks of injustice. widespread systematic torture even saying three prisoners were executed on the basis of confessions extracted through torture. i've been speaking to one young man who is a supporter of hamas' rivals, fatah, and he has been arrested many times in recent years and we have obviously concealed his identity but i've been asking him what happened to him while he was being detained. >> conditions of detention were more than bad. i was subjected to
Search Results 0 to 49 of about 612 (some duplicates have been removed)